Invest in intangibles: Knowledge and Skills

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It’s obvious that we’re going through tough economic times. It’s ok to acknowledge these tough conditions in order to understand what’s going on and make the necessary adjustments in our lives and portfolios. But we certainly do not want to stay consistently focused on the bad news because that only leads to more anxiety and stress.

As you adjust, consider these three important tips:

  • Limit your amount of news watching – Do not get caught up in the 24 hour news cycles of reporters expounding on the intricate details of the economic downfall. Select a few trusted and select sources for your news to stay informed and go easy on your amount of news consumption.

  • Know what you can and can’t control – Obviously, some things you can control, some you can’t. Know the difference and act accordingly.

  • Set a goal and have a plan – a bit of brain storming and strategic thinking is one of the best ways to decide what to do next. Consider the pros and cons of your decisions and consider what you will do to mitigate certain scenarios.

I believe that one of the safest investments you can make right now is an investment in your own knowledge, skills, and abilities.

For example, knowing how to build and improve any type of business is one of the best general-purpose skill sets you can have and there are always opportunities for people who understand how to create value for others. The great thing about investing in yourself is that your investment will not fluctuate in bad market conditions. In the future, when new opportunities present themselves, you’ll be well prepared to leverage your knowledge and skills for greater success.

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